Shares of Sula Vineyards rise today; here’s why

Sula Vineyards Limited, India’s largest and only listed wine producer with over 50% share in the domestic wine market reported its unaudited financial results for the quarter that ended on June 30 2023 or Q1FY24 on August 9, 2023, after the market closer. 

Sula Vineyards has reported a 45.21% rise in its net profit at Rs 16.38 crore for the first quarter ended June 30, 2023, as compared to Rs 11.28 crore for the same quarter in the previous year. The total income of the company increased by 27.78% at Rs 117.35 crore for Q1FY24 as compared to Rs 91.84 crore for the corresponding quarter previous year.  

On a consolidated basis, the company has reported a 24.36% rise in its net profit at Rs 13.68 crore for the first quarter ended June 30, 2023, as compared to Rs 11 crore for the same quarter in the previous year. The total income of the company increased by 21.56% at Rs 118.16 crore for Q1FY24 as compared to Rs 97.20 crore for the corresponding quarter previous year. 

Sequentially the company’s net profit for the quarter which ended on June 30, 2023, decreased by 4.09% from Rs 14.24 crore. In Q1FY24, the company’s total net revenue decreased by 2.31% from Rs 120.90 crore in the similar quarter the year prior. 

Yesterday, the scrip closed at Rs 490.35. Today it opened at Rs 490.75 and closed at Rs 499.90, up by 1.95%. It has a fresh 52-week high at Rs 534.70 and it has a 52-week low of Rs 305.55. The company has a market capitalisation of around Rs 4200 crore. Over the past one-year shares of the company have given a staggering return of 50.36%. 

Over the last two decades, Sula Vineyards has played a pivotal role in building the Indian wine industry with wineries in Maharashtra and Karnataka. The company also distributes wines under a bouquet of popular brands under the brand Sula being the category creator of wine in India. 

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